The Daily: Silk Road bitcoin wallets wake up, SEC Chair Atkins signals quick action on crypto priorities, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin ETF inflows flipped positive on Tuesday, with $152 million added ahead of the Fed’s rate decision this afternoon. However, analysts said traders remain firmly defensive as leverage resets, whales accumulate, and one of 2025’s lowest pre-FOMC confidence levels sets the stage for sharp volatility.

In today’s newsletter, Silk Road wallets move bitcoin to an unknown address after a decade of dormancy, SEC Chair Paul Atkins signals quick action on crypto priorities, a U.S. teachers union urges the Senate to withdraw its crypto market structure bill, and more.

Meanwhile, a crypto AI startup, “four times better” than ChatGPT and Grok, raises $15 million. Plus, Strategy says MSCI’s 50% bitcoin test risks an index “whiplash” and conflicts with U.S. pro-innovation policy.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Silk Road bitcoin wallets wake up after decade of dormancy

Hundreds of Silk Road wallets that had been dormant for over a decade suddenly activated late Tuesday, moving approximately $3.14 million worth of bitcoin into one unidentified address.

• Wallets belonging to the now-defunct darknet marketplace still hold around $41.3 million in bitcoin following the transfers, per Arkham labeling.
• After analysts flagged the new movements, Coinbase Director Conor Grogan resurfaced his prior identification of roughly $47 million in wallets linked to Silk Road creator Ross Ulbricht.
• Ulbricht received a full and unconditional pardon from President Trump in January and was subsequently released from prison.
• However, the reason for the reactivation remains unclear as onchain investigators continue to track the flows.
• The Block reached out to Ulbricht for comment following the unexpected activity.

SEC Chair Atkins signals quick action on crypto priorities in the new year

SEC Chair Paul Atkins signaled an aggressive crypto agenda for early 2026, saying “you ain’t seen nothing yet” at the Blockchain Association Policy Summit in Washington, DC, on Tuesday.

• When asked by The Block, Atkins said one of the priorities in the new year will be an “innovation exemption” for crypto and fintech projects — a proposed conditional and time-limited regulatory relief framework meant to lower compliance costs and foster experimentation.
• He also highlighted progress on a token taxonomy to clarify which cryptocurrencies are securities and broader rule updates under the SEC’s “Project Crypto” initiative, marking a sharp shift from former Chair Gary Gensler’s more hostile, enforcement-driven approach.
• Atkins said he now looks to Congress for clarity on jurisdictional lines as lawmakers race to advance a comprehensive crypto market structure bill through the Senate.

US teachers union urges Senate to withdraw crypto market structure bill

The American Federation of Teachers urged the Senate to scrap proposed crypto market structure legislation, warning it exposes working families to significant risks and lays the groundwork for a future financial crisis.

• AFT President Randi Weingarten argued the bill lacks adequate safeguards for crypto and stablecoins and could funnel “unsafe assets” into retirement portfolios, including union pensions.
• The union particularly criticized a provision allowing companies to tokenize their stock, arguing it could erode core securities protections by sidestepping registration and reporting requirements.
• The appeal lands as senators race to finalize and vote on the bipartisan bill, which aims to define digital assets and split oversight between the SEC and CFTC.

Strive launches $500 million at-the-market offering for further bitcoin acquisitions

Vivek Ramaswamy’s bitcoin treasury company Strive launched a $500 million at-the-market offering for its SATA preferred stock to raise capital for additional BTC purchases.

• The company entered a sales agreement with Cantor Fitzgerald, Barclays, and Clear Street to sell SATA shares directly into the market over time, instead of issuing them at a fixed price in one large transaction.
• SATA carries a 12% annual dividend, with Strive retaining the right to adjust the rate in the future.
• Strive said the program builds on its upsized SATA IPO and supports its long-term goal of growing its BTC-per-share as it expands its bitcoin treasury from the 7,525 BTC it has held since early November.

SpaceX moves another $95 million of its bitcoin stash amid reported 2026 IPO plans

Elon Musk’s SpaceX moved another 1,021 BTC ($94.5 million) on Wednesday via Coinbase Prime, extending a likely consolidation streak that has rotated roughly 8,910 BTC in recent months, per Arkham labeling.

• Analysts suggested the transfers reflect ongoing upgrades from legacy bitcoin addresses to the newer native SegWit (bc1q) format as the company reorganizes custody.
• The latest activity comes as SpaceX is reportedly advancing plans for a 2026 IPO that could raise more than $30 billion at a targeted $1.5 trillion valuation.

In the next 24 hours

• U.S. jobless claims figures are due at 8:30 a.m. ET on Thursday.
• Bank of England Governor Andrew Bailey will speak at 4:50 a.m.
• Moonbeam, Aptos, and Wormhole are among the crypto projects set for token unlocks.
• Solana Breakpoint gets underway in Abu Dhabi.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

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